Out of my depth !! What would you offer?

[LoverOfSushi]

I'm a first-time, solo buyer and could potentially buy this property outright (have been left money by deceased family member) if they brought down the price by quite a bit...

I have 300k to spend and I'm wondering if thats a CF offer? Am I ok to ask for 50k off as I'm a no-chain, cash buyer?

Also welcome any thoughts on the property - it's in Bath so single glazing = EPC E (ouch!), and ground-floor bedroom facing a fairly busy 20mph (but everyone does 30mph) road, so noise may be an issue in the bedroom.

Does anyone have experience with getting sash-double-glazing in grade-listed properties too? I have no idea how expensive it would be/ if I would be allowed to do it...

Please help me I'm out of my depth with this!!

https://www.rightmove.co.uk/properties/144174710#/?channel=RES_BUY

Gosh its beautiful. I think 50 below isn't realistic.try 10k under.

@Redlarge Even with all of the repairs i mentioned and the fact that I'm no-chain? And considering similar flats sold for 300k in Nov 2023..?

Based on the cost of sorting this alone max £1500

It’s leasehold. Depends on the length of the lease, if short you wouldn't get a mortgage.

I dont think no chain entitles you to a discount. But it may make your offer more attractive compared to someone in a chain.
If you think its worth 50k less i would offer it and hear what the response is/counter offer. I think thats the only way you will know im afraid. I do think its a lot off though. But you don't know if you dont try. Xxx

I got 10k off the property im buying and it needs complete replaster in all rooms apart from bathroom and one bedroom. All floors but 3 replacing, including stairs. Gutters fixing and new front door.
Kitchen is in good nik but hideous burgundy colour and will need replacing. Its usuable so it come down to personal taste.

Some major things to consider here. The flat is leasehold and whilst a long lease, it has a service charge which could change.

The building is GRADE ONE listed. Grade 2 is bad enough but Grade 1 is an absolute nightmare and you are opening up to potential massive building repairs in the future depending on how the sinking fund is managed.

If you are seriously considering this, take some strong advice first.

Its tenanted so it would be a bad idea to exchange until vacant possession was affirmed.

And don't even consider getting double glazing. In this, it will not be allowed. The most you could do is secondary glazing.

OP I don't think you have considered/ have any idea what you might be walking into here.

Interestingly the Rightmove states it is Grade 2 and then states Grade 1.

You need to absolutely check which it makes a huge difference.

I will check the grade as the document they gave me said grade 2 as well...

I never considered real double glazing - I always meant secondary glazing (as I know you can't get double glazing)... I just didn't know it was called that :)

I will definitely consider all of these points thank you all so much <3

Isn't it a 999 year lease? Commenced 1991.

Apparently its a share of freehold in the description and that's what the estate agent told me too...

Offer £300k as thats all you actually have... they will either say yes or no, theres not really anymore too it. All you can do is make an offer and only the seller can give you an answer not us.

Bare in mind there will be stamp duty, solicitor fees, survey costs etc...

My advice to be honest would be to look at houses £250k and under. Buying a house at your maximum (or worse above what you have hoping for a discount) is very silly as there are fees and all houses need work.

I know little about the area (never even been to Bath) but if I'm looking right these are in the general vicinity so you would be wiser going for say this price wise to give yourself £50k for everything else needed

https://www.rightmove.co.uk/properties/144299966#/?channel=RES_NEW

or this

https://www.rightmove.co.uk/properties/142592246#/?channel=RES_BUY

The tenant situation and the fact that work needs doing would put me off, I'm afraid. The one suggested by @housethatbuiltme is very nice, a lot cheaper, and newly done up, so I think I would want to see that before making a decision on the first one (unless there is something wrong with the location of the 2nd one that isn't obvious).

Yes, it says 909 years left so won’t be that.

Estate agents rarely know their arse from their elbow @LoverOfSushi, so I wouldn't take their word on the freehold/leasehold- if you're serious about the property you can download the deeds from the land registry for £3 which will tell you.

However as others have said, I think this one may be out of your price range. The repairs you've listed don't come close to justifying a £50k decrease. By all means offer what you can afford, but that's over 16% off asking which is a fair whack. You should really look at properties nearer or even below your max budget to guarantee affordability, and allow for the costs of moving.

Also, as I've already said, I wouldn't touch a property with tenants with a bargepole.

Yes you wouldn’t he able to Exchange contracts until after the tenants have left

What is going on in the bedroom of that flat OP? What's with the shorter ceiling and the grab handle up there? It looks like a massive dust trap to me.

Do you need to be in Bath itself? Would £300k get you something bigger and better (and non leasehold) elsewhere?

It's noted as £120 pm service charges, but that can go up depending on communal costs. I would recommend getting hold of the latest service charge accounts to see how much money is in reserves. If there isn't much and, for example, the roof got damaged or started leaking, you could face a significant repair bill.

I also wouldn't want to buy it while there was a tenant in situ. If they decide they don't want to leave, you don't want to inherit a tenant you have to evict.

Take everything you're being told by the buyer with a massive pinch of salt and don't believe anything until you've double checked it. The condition of the flat compared to its listing is a good example of this.

It's a beautiful place with lots of lovely features.

Being a cash buyer is a massive bonus for a lot of sellers - no issues waiting for mortgage companies to issue offers, etc.

Do lots and lots of research OP and don't be afraid to pull out or not go for it. If you're hesitant, follow your gut.

I wondered about the bedroom ceiling handle too... I assume its a 'mock attic' type thing to store stuff.

Tenanted means getting a mortgage will be an issue. Listed is a pain. Ground floor is even more of a pain. You will have noise above, below and to the side. Plus the noise from the road outside. I would think very carefully about this one.

We have recently been quoted £4200 for secondary glazing for 5 sash windows. We got 3 quotes and they all came in at around the same price point.